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CHAPTER 15 <br />IV., Stateimisponsoreid deiveil�opmeint <br />tool�s <br />This chapter last revised 12/2010 <br />A. in�n� s to Housing Financ e Agency <br />Minn. Stat. ch. 462A. For more <br />The goals of the Minnesota Hou.sing Finance Agency (MHFA) are to <br />infonnation about MHFA <br />prograins, contact MHFA at 400 <br />provide decent, affordable hou.sing to low- and. moderate-income people; <br />Sibley Street site 300, St. Paul, <br />preserve the existing hou.sing stock in Minnesota; preserve existing <br />MN 55101-1998 (651) 296-7608 <br />neighborhood.s and. prevent them from deteriorating; and. prevent mortgage <br />or (800) 657-3769. <br />foreclosures while promoting energy conservation in residential hou.sing. <br />The Minnesota Legislature created. the MHFA in response to a shortage of <br />affordable hou.sing for low- and. moderate-income people. Private enterprise <br />and. private investment were unable, without public assistance, to provide an <br />adequate supply of safe, sanitary, and. decent hou.sing at affordable prices <br />and. rents. <br />Minn. Stat. § 462A.073 el seq. <br />The sale of state tax-exempt bonds is the primary financing for MFHA <br />MHFA: Minnesota City <br />programs. Through the Minnesota City Participation Program, Minnesota <br />Participation Program. <br />Hou.sing sells mortgage revenue bonds on behalf of cities to meet locally <br />I ing needs. The proceeds of these bonds prov"de below-market <br />i 'dent'fied. hou.s' I <br />interest rate home mortgage loans for low- and. moderate-income, first-time <br />homebuyers, or for the construction or rehabilitation of single- and. mu1ti- <br />family hou.sing. Appropriations from the Legislature provide ad.d.itional <br />funding for programs, including the promotion of energy conservation; an <br />increase in home ownership opportunities for first time homebuyers; home <br />improvement grants to very low-,income homeowners; and. programs to <br />improve the hou.sing available to Native Americans, large families, and. <br />people with disabilities. <br />B, Department of EmpI Mmen�t an�d <br />Econ� o m i c Development D E E[) <br />Minn. Stat. ch. 116J. <br />The Minnesota Department of Employment and. Economic Development is <br />Minnesota Department of <br />the primary development agency for Minnesota. DEED staff is responsible <br />Eniploynient and Economic <br />Development. <br />for a wide range of grant and. loan programs, as well as for providing <br />technical assistance to businesses and. communities. <br />Minn. Stat. §§ 1161411 to <br />DEED also provides grants for contamination cleanup and. redevelopment; <br />116J.424. <br />administers the rural development program; makes challenge grants to <br />The USDA Development. <br />regional organizations to encourage private investment in rural areas; and. <br />administers a revolving loan fund. to provide loans to new and. expanding <br />business in rural Minnesota. Local government units, inclu.d.ing cities, may <br />receive these loans if the community has established. a local revolving loan <br />fund. and. can provide at least an equal match to the loan received.. <br />15:18 <br />LEAGUE OF MINNESOTA CITIES <br />This chapter last revised 12/2010 <br />